The Toronto-based Coinsquare is the popular trading platforms in cryptocurrency in Canada, which has been nicknamed the “Coinbase of Canada.” On Thursday, the deal has announced that the exchange has acquired Toronto-based BlockEQ for $12 million CAD (roughly over $9 million USD), as per the report.
A non-custodial wallet that allows crypto users to store XLM and other tokens that run on the Stellar network. The Canadian Crypto exchange Coinsquare currently ranks as the second-largest crypto exchange that offers CAD trading pairs, trailing closely behind LakeBTC. Among all exchanges, Coinsquare ranks 73rd, with around $7 million in daily trading volume.
BlockEQ allows users to buy, trade, and hold cryptocurrency securely. The wallet also allows users to tokenize assets on the Stellar network and near-instant settlement.
The purchase will allow Coinsquare to launch crypto assets under the partnership. The first project the two companies will be working on is a Coinsquare Stable Coin. For those who are unaware, a stablecoin is a coin that is pegged to a particular asset, such as a currency (such as the dollar, yen, or other) or an asset (gold, silver, metal, etc).
The CEO of BlockEQ, Satraj Bambra, praised Coinsquare, stating, “We’re excited to be working under the Coinsquare umbrella. Coinsquare was the reason we initially became interested in the cryptocurrency space, so when Cole and team approached us about coming onboard, it seemed like the natural next step.”
Cole Diamond, the CEO of Coinsquare, offered this statement: “We have enormous respect for what the BlockEQ team brings to Coinquare. They are one of Canada’s best tech teams, and the product they’ve built is immensely valuable. That combination in partnership with Coinsquare’s technology and team means that we have the opportunity to build amazing things for the cryptocurrency community in Canada and far beyond.”